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Requirement 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. (Record debits first, then credits. Exclude explanations from
Requirement 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Mar 2 Thompson Services received $63,000 cash and issued common stock to the stockholders. Date Mar Journal Entry Accounts Debit Credit Mar 2 Thompson Services received $63,000 cash and issued common stock to the stockholders. Mar 3 Mar 4 Mar 7 Mar 11 Purchased supplies, $600, and equipment, $12,100, on account. Performed services for a customer and received cash, $5,700. Paid cash to acquire land, $34,000. Performed services for a customer and billed the customer, $3,700. Thompson expects to collect within one month. Mar 16 Paid for the equipment purchased March 3 on account. Mar 17 Paid for newspaper advertising, $540. Mar 18 Received partial payment from customer on account. $1,600. Mar 22 Received and paid the water and electricity bills, $370. Mar 29 Mar 31 his Mar 31 Received $2,700 cash for servicing the heating unit of a customer. Paid employee salaries, $1,800. Declared and paid dividends of $1,900
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